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Formula Systems Reports Financial Results for the Third Quarter and First Nine Months Period Ended September 30, 2024

OR YEHUDA, Israel, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Formula Systems (1985) Ltd. (Nasdaq and TASE: FORTY...

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Formula Systems Reports Second Quarter and First Half 2024 Financial Results

OR YEHUDA, Israel, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Formula Systems (1985) Ltd. (Nasdaq and TASE: FORTY...

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Publication of Draft Agreement with Trustee for Potential New Israeli Debenture Series

OR YEHUDA, Israel, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Formula Systems (1985) Ltd. (“Formula”) published with...

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Formula Systems Reports First Quarter 2024 Financial Results

OR YEHUDA, Israel, May 22, 2024 (GLOBE NEWSWIRE) -- Formula Systems (1985) Ltd. (Nasdaq and TASE: FORTY...

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

wiltonio 7 years ago

Psagot Investment House Ltd. has filed a new 13G, reporting 5.08% ownership in $FORTY - https://fintel.io/soh/us/forty/psagot-investment-house and https://fintel.io/i/psagot-investment-house

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stocktrademan 9 years ago

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midastouch017 19 years ago

Formula forms Chinese joint venture

By SHARON WROBEL

Herzilya-based Formula Telecom Solutions, a provider of billing and customer service software for telephone companies, has formed a joint-venture with the Chinese investment advisory group JPG in an attempt to become one of the top three players in the market.

"Entering the Chinese market is a strategic decision for FTS," said the company's CEO Amos Sivan. "This is a growing market with substantial opportunities. Furthermore, it complements our presence in the Asia Pacific Region."

As part of the joint venture, the JPI group will market and sell Formula's real-time business software solutions and billing services to the Chinese market.

"We are currently engaged with a number of Chinese service providers and have received very favorable feedback. However, given the long lead time customary in this market, we would expect to see meaningful revenues only after 18 months or so," Sivan said.

FTS, which listed on AIM in August 2005, raising $7.5 million, said it was working to adapt its product to the Chinese market in terms of language and functionality.

"Although not immediately, the joint venture will help us to become a meaningful player in the market, one of the top three. We also expect the Chinese government to be auctioning 3G contracts in the next 12 months, which is bound to increase the demand for billing services," Yair Sakov, Vice President of Marketing and Business Solutions told The Jerusalem Post.

In December 2005, FTS acquired US-based Viziqor Solutions, a privately held provider of billing and business support solutions to establish itself as a leading provider in the North American market.

"Over the past 18 months, we have taken significant steps to position ourselves in the US, Africa, Europe and Asia to complete our global expansion," Sakov said. "We will now focus on developing recent acquisitions and joint ventures."

http://www.jpost.com/servlet/Satellite?cid=1139395559719&pagename=JPost%2FJPArticle%2FShowFull

Dubi

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midastouch017 19 years ago

Formula unit FTS plans secondary offering in London
Formula Telecom Solutions’s management is now meeting underwriters, and will reportedly decide on the structure and scale of the issue in a few weeks.

Tali Tsipori 7 Mar 06 15:09

Sources inform ''Globes'' that Formula Systems Ltd. (Nasdaq: FORTY; TASE: FORT) subsidiary Formula Telecom Solutions Ltd. (AIM:FTS) plans to hold a secondary offering in London in a few months.
FTS’s management is now meeting underwriters. The company will reportedly select an underwriter and decide on the structure and scale of the issue in a few weeks. FTS has a market cap of $55 million.

FTS went public in August 2005, shortly after the double terrorist bombings in London, which unsettled the City. Investors worried about the security situation in the British capital forced FTS to reduce the size of its IPO and to cancel its planned offer for sale. The company ultimately raised $7.5 million at a company value of $70 million.

FTS is again approaching investors while its share is traded at a substantial discount, compared with its IPO price. The share is currently traded at ₤0.955, 20% below its IPO price of ₤1.20. The company reportedly plans to exploit the secondary offering to expand the number of its investors by distributing some shares to investors in the US. The last Israeli company to do this was Orpak Industries (1983) Ltd. (AIM:ORPK).

Although FTS chairman Dan Goldstein, who is also chairman and controlling shareholder in Formula, has now chosen to hold a secondary offering in London, with an eye on the US capital market, he will probably try his luck in the US in 2007, by issuing FTS on Nasdaq.

FTS provides software solutions and billing and customer relations management (CRM) applications. Founded in 1997, Formula Vision Technologies Ltd. (TASE: FVT) currently owns 44.7% of FTS.

Published by Globes [online], Israel business news - www.globes.co.il - on March 7, 2006

Dubi

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midastouch017 19 years ago

Formula Systems Reports Fourth Quarter and Year End 2005 Results

Thursday March 2, 7:58 am ET

HERZLIYA, Israel, March 2 /PRNewswire-FirstCall/ -- Formula Systems (1985) Ltd. (Nasdaq: FORTY - News) a leading provider of information technology products, solutions and services, announced today results for the fourth quarter and year ended December 31, 2005.

Revenues for the year ended December 31,2005 totaled $506.4 million compared to $456.6 million in 2004. For the fourth quarter, Formula recorded revenues of $124.8 million compared to $127.2 million in the fourth quarter of 2004.

Operating income in 2005 was $15.9 million compared to $18.1 million in 2004. Operating income in the fourth quarter of 2005 was $2.5 million compared to $7.6 million in the same quarter last year.

Net income in the year ended December 31, 2005 was $183,000 compared to $8.1 million in 2004. Net loss in the fourth quarter totaled $2.7 million compared to net income of $3.1 million in the fourth quarter of 2004.

Gad Goldstein, President of Formula, commented: "Weakness in certain subsidiaries in the second half of 2005 together with reassessment of intangible assets and deferred tax assets in certain of our subsidiaries, resulted in unsatisfactory financial results for Formula.

Restructuring processes, personnel changes and refocusing that were implemented by our subsidiaries, with our assistance and under our guidance, towards the end of 2005, combined with events and trends which we identified after the year end, provide us with the confidence that significant profitability will be regained in 2006."

Mr. Goldstein concluded:" We expect 2006 to be a successful harvest year of all the seeds that were sown in the previous year".

About Formula

Formula Systems Ltd. is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions.

Statements made in this press release that are not historical facts are forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company's products, dependence on strategic partners, integration of new business, successful implementation of Formula's products, economic and competitive factors, international market conditions, management of growth, technological developments, the ability to finance operations and other factors which are detailed in Formula's Securities and Exchange Commission filings, including its most recent report on Form 20-F. Formula undertakes no obligation to publicly release any revision to any forward-looking statement.

CONSOLIDATED BALANCE SHEETS

December 31, December 31,
2005 2004
U.S. $
(in thousands)
CURRENT ASSETS:
Cash and cash equivalents 82,575 107,174
Short-term investments 35,776 39,073
Trade receivables 132,529 114,533
Other accounts receivable 25,965 26,105
Inventories 3,808 4,668
280,653 291,553

LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES:
Loans and other investments 2,199 5,247
Investments in affiliates 20,257 24,389
22,456 29,636

SEVERANCE PAY FUND 33,627 31,943

PROPERTY AND EQUIPMENT, NET 23,196 26,529

OTHER ASSETS, NET 272,535 261,359
632,467 641,020

CURRENT LIABILITIES:
Liabilities to banks and others 103,544 104,975
Trade payables 47,746 41,605
Other accounts payable 77,064 81,105
Debentures 8,004 32,374
Customer advances, net of work in progress 7,309 6,900
243,667 266,959

LONG-TERM LIABILITIES:
Debentures 16,809 27,086
Provision for losses in formerly owned investee 1,971 1,971
Deferred taxes 1,282 958
Customer advances 645 1,114
Liabilities to banks and others 54,450 19,789
Liability due to activity acquisition 1,761 2,036
Accrued severance pay 39,726 37,750
116,644 90,704

MINORITY INTEREST 108,707 96,579

SHAREHOLDERS' EQUITY 163,449 186,778
632,467 641,020

CONSOLIDATED STATEMENTS OF INCOME

Year ended Three months ended
December 31, December 31,
2005 2004 2005 2004
U.S.$ U.S.$
(in thousands, except per share data)

Revenues 506,392 456,610 124,824 127,202
Cost of revenues 333,947 284,961 83,355 79,153
Gross profit 172,445 171,649 41,469 48,049
Research and development
costs, net 21,962 25,036 4,789 5,754
Selling, general and
administrative expenses 127,564 122,826 32,418 33,297
Depreciation and
amortization 5,529 5,711 1,387 1,353
Restructuring costs 1,455 -- 342 --
Operating income 15,935 18,076 2,533 7,645
Financial expenses, net (9,241) (8,904) (2,270) (982)
6,694 9,172 263 6,663
Gain (loss) on realization
of investments 4,107 8,893 (88) 2,278
Other income (expenses),
net (804) (332) (1,371) 535
Income before taxes on
income 9,997 17,733 (1,196) 9,476
Taxes on income 5,187 4,631 2,237 1,924
4,810 13,102 (3,433) 7,552
Equity in losses of
affiliated companies, net (3,109) (2,523) (511) (1,170)
Minority interest in losses
(earnings) of subsidiaries,
net (1,518) (2,480) 1,261 (3,268)
Net income (loss) 183 8,099 (2,683) 3,114

Earnings (loss) per share:
Basic 0.01 0.73 (0.21) 0.28
Diluted 0.01 0.65 (0.22) 0.23

Weighted average number of shares outstanding:

Basic 12,800 10,800 13,200 10,800
Diluted 12,800 10,800 13,200 11,047

Source: Formula Systems Ltd.

http://biz.yahoo.com/prnews/060302/nyth109.html?.v=43

Dubi

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midastouch017 19 years ago

FXall Enhances Scalability With GigaSpaces

Monday February 27, 11:29 am ET

Robust Grid Infrastructure Helps Maintain High Performance as Trading Volumes Grow

NEW YORK, February 27 /PRNewswire-FirstCall/ -- GigaSpaces Technologies, a fast-growing provider of new generation infrastructure software solutions, announced today that FXall, the world's leading online foreign exchange platform, has selected GigaSpaces' grid infrastructure.

FXall offers an end-to-end solution for foreign exchange trading, covering execution, workflow and post-trade services, to clients including asset managers, active traders, banks, broker-dealers and corporations. Clients can access more than 60 sources of liquidity for tight prices in spot, forwards, swaps, and non-deliverable forwards, in more than 300 currency pairs.

FXall's trading volumes have grown every quarter since trading began on the platform in 2001, with annual volumes increasing by some 40% in 2005. Daily volumes have exceeded $43 billion. The system has the capacity to handle a further dramatic increase in volumes, while maintaining its high levels of performance. In order to achieve this, FXall utilizes a distributed infrastructure based on open industry standards - specifically JavaSpaces and its GigaSpaces implementation.

"Performance is critical to FXall and GigaSpaces has proved to be an excellent fit with the existing FXall infrastructure," said Neill Penney, Global Head of Product Strategy.

"GigaSpaces enables FXall to run different parts of applications on different machines, which makes the applications even more scalable and fault tolerant," said Doug Rich, VP Sales Americas at GigaSpaces. "They can add or remove resources as needed and still keep the applications running."

About FXall

FXall is the leading portal for online foreign exchange trading, offering customers foreign currency trade execution, access to research and straight through processing. By combining streamlined workflow, competitive FX prices and a complete audit trail, FXall delivers improved control and cost savings at every stage of the deal lifecycle.

FXall provides customers with the ability to meet best practice guidelines prescribed by regulatory bodies - for more information visit: http://www.fxall.com/about/BestPracticeFX.pdf

FXall is an independent company with offices in New York, London, Boston, Tokyo and Singapore. See www.fxall.com.

About GigaSpaces

GigaSpaces provides innovative, high-performance infrastructure software solutions that deliver unparalleled dynamic scalability for high-volume transactional applications, without the overhead and complexity inherent in traditional multi-tier development and deployment environments.

Its award-winning solutions have been adopted across multiple vertical industries and are used by companies such as Nortel, AIG, Hutchison 3G, Societe Generale, Virgin Mobile, FXall and others for mission-critical applications, where the need for extreme performance, reliability and scalability necessitates an alternative to traditional tier-based architectures.

GigaSpaces was founded in 2000 and has offices in New York, London and Israel. It is a privately held company, funded by BRM Capital, Formula Vision and Intel Capital. GigaSpaces is an affiliated company of the Formula Group (NASDAQ: FORTY - News), Israel's largest publicly held IT group. For more information, please visit www.gigaspaces.com.

http://biz.yahoo.com/prnews/060227/ukm011.html?.v=45

Dubi

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midastouch017 19 years ago

Formula Telecom Solutions Presents its Business Control and Charging Foundation at 3GSM Barcelona
Exhibition Follows Acquisition of Viziqor and Period of Heavy Sales Activity

1/30/2006 3:02:32 AM

HERZLIYA, Israel, January 30, 2006 /PRNewswire-FirstCall via COMTEX/ -- Formula Telecom Solutions, Ltd. (UK:FTS), a global provider of Billing and CRM solutions for service and content providers and the telecom industry, today announced that it will be exhibiting its industry leading Business Control and Charging Foundation (BCCF) at the 3GSM 2006 World Conference in Barcelona, Spain in February. The BCCF platform supports the FTS Leap Family of real-time business control, rating, billing and customer care solutions which has generated tens of millions of dollars of revenue in the last three months alone.

FTS' presentation at the 3GSM World Conference and Exhibition follows a period of exceptional activities for FTS, including strong sales, the completion of the acquisition of US-based Viziqor Solutions, Inc., and the strengthening of FTS' executive staff with the appointment of Shaul Ganel as President, North American Division and Yair M. Sakov as Vice President of Marketing and Business Development. Its aggressive growth path and its proven ability to support any type of service provider enable FTS to fully address the needs of operators who want to acquire new customers and retain their current ones. Industry analysts have cited FTS for its innovative solutions and its in-depth understanding of the direction in which the market is moving.

"I would like to invite all those who are looking to provide today's and tomorrow's services to see how our Business Control and Charging Foundation can improve how they interact with their customers and substantially improve retention," said Yair M. Sakov, Vice President of Marketing and Business Development. "We're giving providers more control over their business and enabling subscribers to enjoy personalization of the services they purchase. Furthermore, our Telco-specific CRM solution has been highlighted as one of the key reasons to our growth in 2005. For anybody who wants to get a glimpse into where billing and CRM are headed, I urge you to visit us in Barcelona."

FTS will be exhibiting in Hall 1, Booth C03. For private appointments, please e-mail inbal3gsm@fts-soft.com.

About Formula Telecom Solutions (FTS)

Formula Telecom Solutions (UK:FTS) is a leading global provider of billing and CRM solutions for service and content providers and the telecom industry. With 70 plus customers on six continents, FTS delivers end-to-end and modular solutions to traditional operators and to providers of the world's most advanced next-generation services. FTS' track record of implementing complex projects enables customers to keep up with the ever-changing requirements of the industry. Combining on-time, on-budget project delivery with the extensive resources of the Formula Group (FORTY), FTS is a CRM and billing one-stop shop. For more information, please visit us at www.fts-soft.com.

Dubi

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midastouch017 19 years ago

Camtel Selects Formula Telecom Solutions' Leap NextGen Rating, Billing and Customer Care Platform
FTS Signs Multi-Million Dollar Deal With Cameroon's Incumbent Telephone Operator

1/24/2006 3:59:35 AM

HERZLIYA, Israel, January 24, 2006 /PRNewswire-FirstCall via COMTEX/ -- Formula Telecom Solutions, Ltd. (UK:FTS), a leading global provider of Billing and CRM solutions for service and content providers and the telecom industry, today announced that Cameroon Telecommunications (Camtel) has selected FTS to provide it with the Leap NextGen Rating, Billing and Customer Care platform as well as a state-of-the art mediation solution. Leap NextGen offers Camtel, Cameroon's national PSTN operator, an end-to-end billing, customer care and business management tool designed for wide functionality and improved revenue collection.

"Camtel's purpose in selecting FTS was to bring in a reliable and accurate answer for our rating and billing needs, both current and future, and for carrying out a seamless migration from our legacy system," said David Nkoto Emane, Camtel's Director General. "My objective is to continuously advance Camtel's portfolio of offerings and our recent introduction of CDMA services is a good example. Leap NextGen's unique Business Control and Rating Infrastructure, which essentially allows us to easily create and design service plans utilising a single GUI , gives us all the flexibility we need to move forward and position Camtel as a telecommunications leader in Africa."

"This significant contract, based on our Leap NextGen platform, is testimony not only to our commitment to the African market but also to FTS' exceptional ability to support any type of service provider, whether wireless, wireline, internet, cable or content," said Norman Tutnauer, FTS' Vice President of Worldwide Sales. "Moreover, Leap NextGen is highly scalable, and easily adapts to growing customers, such as Camtel, without requiring further infusions of capital."

Deployed around the world, Leap NextGen is a comprehensive real-time business control, rating, billing and customer care solution, enabling operators of all classes to service subscribers with a holistic view of their unique and personalised needs. As a result, operators can expect higher subscriber retention rates. Leap NextGen performs these operations while maintaining superior performance. Leap NextGen's Business Control and Rating Infrastructure is based on FTS' patented Decision Operation Tree (DO Tree(TM)), an extremely flexible business rule and real-time engine that employs a 100% web-based client and facilitates the customisation of features and corresponding business rules over any delivery network.

About Camtel

Cameroon Telecommunications (Camtel) is Cameroon's national telecommunications service provider, offering voice, data, VSAT and internet services. Established in 1998, Camtel is wholly owned by the Government of Cameroon and serves its local high-tech, industrial and service sectors. Camtel's modern CAMPAC packet transmission network, and its full range of advanced telephony services, operates as the hub for Cameroon's lively national and international commercial transactions and business communications. For more information, please visit Camtel at: http://www.camnet.cm/.

About Formula Telecom Solutions (FTS)

Formula Telecom Solutions (UK:FTS) is a leading global provider of billing and CRM solutions for service and content providers and the telecom industry. With 70 plus customers on six continents, FTS delivers end-to-end and modular solutions to traditional operators and to providers of the world's most advanced next-generation services. FTS' track record of implementing complex projects enables customers to keep up with the ever-changing requirements of the industry. Combining on-time, on-budget project delivery with the extensive resources of the Formula Group (FORTY), FTS is a CRM and billing one-stop shop. For more information, please visit us at www.fts-soft.com.

Dubi

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midastouch017 19 years ago

Virgin Mobile Selects GigaSpaces as a Strategic Middleware Provider

Monday January 23, 9:02 am ET
GigaSpaces Delivers Unparalleled Dynamic Scalability to Core Enterprise Applications

LONDON, England, January 23 /PRNewswire-FirstCall/ -- GigaSpaces Technologies, a fast-growing provider of new generation infrastructure software solutions, today announced that Virgin Mobile has selected its product to act as a middle-tier for its mission-critical order management applications.

Virgin Mobile (LSE: VMOB - News), the UK's leading mobile virtual network operator (MVNO) with more than four million customers, is always at the forefront of adopting cutting-edge technologies. Virgin Mobile has decided to build its high-throughput transactional applications on top of GigaSpaces, in order to address the scalability and performance challenges associated with its continuous growth.

"We were looking for a technology that would enable us to achieve high performance levels and dynamic scalability for our mission critical order management applications," said Julian Browne, Head of Architecture at Virgin Mobile. "GigaSpaces exceeded our performance requirements and enabled us to build a flexible, cost-effective infrastructure that will serve us for years to come."

"We are seeing tremendous demand for new generation infrastructure software solutions in large Telco's across Europe," said Alan Weisleder, VP Sales International at GigaSpaces. "Our solution enables linear scalability on demand, outstanding performance and faster delivery of value to our customers."

"Providing resilient coordination of enterprise services without sacrificing scalability or performance is a technically challenging problem that faces many businesses today," said Steve Colwill, Principal and Founder, PSJ Solutions. "We were delighted to be able help Virgin Mobile adopt, architect and implement a pragmatic solution using the GigaSpaces product."

About Virgin Mobile

Virgin Mobile Holdings (UK) plc, the UK's largest mobile virtual network operator, is majority owned by Sir Richard Branson's Virgin Group and uses T-Mobile's network. Since its launch in November 1999, Virgin Mobile has attracted more than 4 million customers*.

Virgin Mobile employs approximately 1,400 staff at three sites, Trowbridge, London and Daventry, and has an outsourced customer service centre operated by approximately 200 staff in Middlesbrough.

Virgin Mobile's customers were found to be the most-satisfied mobile consumers in the pre-pay sector for two years running in 2005 and 2004, according to the surveys by J.D. Power and Associates. Virgin Mobile is also featured in `The Sunday Times 100 Best Companies to Work For' list 2005 and is part of the FTSE4Good Index. See more at www.virginmobile.com.

About GigaSpaces

GigaSpaces provides infrastructure software solutions that deliver unparalleled dynamic scalability for high-volume transactional applications, without the overhead and complexity inherent in traditional multi-tier development and deployment environments.

Its award-winning solutions have been adopted across multiple vertical industries and are used by companies such as Chicago Mercantile Exchange, Societe Generale, Nortel, Hutchison 3G, FXall and others for mission-critical applications, where the need for extreme performance, reliability and scalability necessitates an alternative to traditional tier-based architectures.

GigaSpaces was founded in 2000 and has offices in New York, London and Israel, it is a privately held company, funded by BRM Capital, Formula Vision and Intel Capital. GigaSpaces is an affiliated company of the Formula Group (NASDAQ: FORTY - News), Israel's largest publicly held IT group. For more information, please visit www.gigaspaces.com

http://biz.yahoo.com/prnews/060123/ukth006.html?.v=46

Dubi

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midastouch017 19 years ago

Formula unit Blue Phoenix wins $30m German contract

The company also plans to raise $8 million in convertible notes on the TASE. Blue Phoenix CEO Arik Kilman: We want to be exposed to the Israeli capital market.

Shiri Habib 23 Jan 06 10:20

Blue Phoenix Solutions Ltd. (Nasdaq: BPHX; TASE: BPHX) made two interesting announcements to its investors late last week. On Thursday, the company announced that it had signed a large contract with Germany’s T-Systems Enterprise Services GmbH, and on Friday the company said it would file a draft prospectus with the Israeli Securities Authority and the Tel Aviv Stock Exchange (TASE) in connection with a possible underwritten offering to the public in Israel of convertible notes. The company’s share fell 3% on Nasdaq on Friday.
Blue Phoenix, which develops and markets software suites of tools and services for upgrading and modernizing enterprise mainframe and distributed IT networks, has a market cap of $56.4 million. Blue Phoenix estimates that its contract with Deutsche Telekom (NYSE: DT; XETRA: DTEG) subsidiary T-Systems will generate $30 million in revenue over five years. T-Systems is one of Europe’s leading providers of information and communications technology (ICT). Blue Phoenix will be a subcontractor to migrate the legacy databases to modern relational standard databases of a large German customer of T-Systems.

Blue Phoenix CEO Arik Kilman said, "We cannot disclose the identity of the customer, but it is a large international company.” Under the contract, T-Systems will manage the project, and Blue Phoenix will supply the professional tools. The contract has a two-year option to extend.

Formula Systems (Nasdaq: FORTY; TASE: FORT) owns a 51.6% controlling interest in Blue Phoenix. Blue Phoenix posted a net profit of $980,000 on $43.5 million revenue in January-September 2005, and had $8.3 million in cash at the end of September.

On the offering in Tel Aviv, Blue Phoenix said, “Each note will be convertible into ordinary shares of Blue Phoenix. Holders may convert the notes into Blue Phoenix's ordinary shares at conversion rate of one ordinary share per $5.60 principal amount of notes. The proceeds from the offering, if completed and subject to market conditions, are expected to be approximately $8 million.” The institutional stage of the issue is scheduled for Tuesday.

Kilman said, “The issue has two purposes. First, we want to be exposed to the Israeli capital market. We’re a fairly unknown company. We waited until we had a formal plan, and we’re now holding the issue. Second, we want to finance growth. We’re not necessarily talking about acquisitions, but also the hiring of workers, and everything related to the needs of a growing company.”

Published by Globes [online], Israel business news - www.globes.co.il - on January 23, 2006

Dubi

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midastouch017 19 years ago

3i beefing up stake in Transtech Control to 22.5%

15.1.06 | 14:10 By Omer Sharvit
Formula Vision Technologies (TASE: FVT) is selling a 13% interest in its subsidiary Transtech Control to the British giant 3i.

Transtech's controlling shareholders - FVT, and the Giza and Accel venture capital funds, have signed a memorandum of understanding with 3i for FVT to sell 13% of the subsidiary for $8.75 million.

3i will also receive an allocation of new shares in exchange for $6.25 million.

After the transaction, FVT will be left with 20% of Transtech, which specializes in monitoring, control, management and guidance systems for airports.

3i will own a 22.5% interest in Transtech.
The transaction remains contingent on due diligence and should be finalized in late February 2006.

Over the last five years FVT has accrued massive losses amounting to NIS 240 million. This transaction should make it NIS 16 million capital gains.

A year ago Giza, Accel and Formula invested $25 million in Transtech.

http://www.haaretz.com/hasen/spages/670543.html

Dubi

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midastouch017 19 years ago

Formula Telecom Solutions Ranked 54th Fastest Growing Technology Company on the 2005 Deloitte Technology Fast 500 EMEA
Attributes its 1373 Percent Revenue Growth to Innovation and Determined Workforce

1/3/2006 3:43:15 AM

HERZLIYA, Israel, January 3, 2006 /PRNewswire-FirstCall via COMTEX/ -- Formula Telecom Solutions, Ltd. (UK:FTS), a leading global provider of Billing and CRM solutions for service and content providers and the telecom industry, today announced that it ranked 54th on the 2005 Deloitte Technology Fast 500 EMEA, a ranking of the 500 fastest growing technology companies in Europe, Middle East and Africa. Ranking are based on percentage revenue growth over five years, from 2000-2004. FTS grew 1373 percent during this period.

"This recognition by Deloitte clearly demonstrates the growing market acceptance of FTS' solutions. Furthermore, in the last quarter of 2005, FTS signed new deals amounting to about $15m," said Yair Sakov, FTS' Vice President of Marketing and Business Development. "FTS is capitalizing on service and content providers' moves to next generation products, while providing traditional operators with state-of-the-art solutions that address their current needs with a clear roadmap for the future."

"Because Deloitte Technology Fast 500 EMEA measures sustained revenue growth over five years, being one of the 500 fastest growing technology companies in EMEA is an impressive achievement," said Eric Morgain, partner in charge of Deloitte's Technology Fast 500 EMEA program. "Formula Telecom Solutions deserves a lot of credit for its remarkable growth."

In addition to ranking on Deloitte's Fast 500, FTS ranked 7th on the Israel Technology Fast 50 (http://www.fast50.co.il/), which is a ranking of the 50 fastest growing technology firms in Israel. The prestigious Israel Technology Fast 50 focuses on success stories among emerging Israeli companies, with FTS continuing to be one of Israel's strongest and more successful.

Fast 500 Selection and Qualifications

The Technology Fast 500 list is compiled from Deloitte's EMEA Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, entrants must have had 2000 operating revenues of at least EUR50,000 and 2004 operating revenues of at least EUR800,000. Entrants must also be public or private companies headquartered in EMEA and must be a "technology company," defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify.

About Formula Telecom Solutions (FTS)

Formula Telecom Solutions (UK:FTS) is a leading global provider of billing and CRM solutions for service and content providers and the telecom industry. With 70 plus customers on six continents, FTS delivers end-to-end and modular solutions to traditional operators and to providers of the world's most advanced next-generation services. FTS' track record of implementing complex projects enables customers to keep up with the ever-changing requirements of the industry. Combining on-time, on-budget project delivery with the extensive resources of the Formula Group (FORTY), FTS is a CRM and billing one-stop shop. For more information, please visit us at www.fts-soft.com.

Dubi

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midastouch017 19 years ago

Formula Telecom Solutions acquires US-based Viziqor

CEO Amos Sivan: This positions us as a leading provider of billing and BSS solutions in North America.

Globes correspondent 7 Dec 05 15:34

Formula Telecom Solutions Ltd. (AIM: FTS), a provider of billing and CRM solutions for service and content providers and the telecom industry, today announced it has completed the acquisition of US based Viziqor Solutions Inc.
Viziqor is a privately-held, leading provider of billing and business support systems (BSS). In 2004, Viziqor merged the operations of Daleen Technologies, Inc. and Protek Telecommunications Solutions Limited. For the nine month period ended September 30th, 2005 Viziqor generated $11 million in revenues. The company is headquartered in Boca Raton, Florida and has regional offices across North and South America, Europe and Africa. Viziqor's has customers and partners in more than 40 countries worldwide.

Formula Telecom Solutions is part of the Formula Systems (Nasdaq: FORTY; TASE: FORT) group.

Formula Telecom Solutions stated that the acquisition positions it as a leading provider of billing and BSS solutions in the North American market. After the acquisition, Formula Telecom Solutions will have over 80 customers and close to 400 employees.

Formula Telecom Solutions founder and CEO Amos Sivan said, "Over the last 18 months we have taken meaningful steps to build and strengthen our US presence. Acquiring Viziqor, with their well known and highly regarded products, as well as their experienced team of professionals, will be instrumental as we help this market deliver on the promise of next generation services and content."

Formula Telecom Solutions quoted Yankee Group VP communications software strategies Paul Hughes as saying that, "Formula's acquisition of Viziqor strengthens the company's product portfolio expansion with minimal technology overlap, and more importantly, gives the organization a strong North American presence and an enviable customer base that includes Tier 1 and Tier 2 service providers and next generation content and media providers."

Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, December 07, 2005

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midastouch017 19 years ago

Formula Telecom Solutions Strengthens Executive Team
FTS Poised for Continued Growth With the Appointment of Yair Sakov as Vice President of Marketing and Business Development
11/28/2005 3:02:01 AM

HERZLIYA, Israel, November 28, 2005 /PRNewswire-FirstCall via COMTEX/ -- Formula Telecom Solutions, Ltd. (UK:FTS), a leading provider of Billing and CRM solutions for the telecom industry, announced today the appointment of industry veteran Yair Sakov as Vice President of Marketing and Business Development. Mr. Sakov bolsters the executive team with more than 15 years of experience in the information technologies and communication industries.

In his new role, Mr. Sakov is focused on the company's growth as well as driving the expansion of FTS' marketing initiatives and formulating its strategic positioning in the evolving billing and CRM worldwide marketplace. Mr. Sakov joined FTS in January of this year as VP business development and is instrumental in taking the company to new and lucrative directions working closely with partners in the telecom industry.

Prior to joining FTS, Mr. Sakov was a partner at AIG Orion Venture Capital and served as a Board Director at several international high-tech companies. Before that, Mr. Sakov was a Director of Corporate Business Development at 3Com, taking 3Com into new markets such as Broadband over Cable, Voice over IP and Home Networking, as well as managing the marketing for 3Com's ATM division. Prior to joining 3Com, Mr. Sakov held various marketing positions at Intel Corporation and was a key member in the launch of the first Pentium(TM) processor.

"Yair Sakov has valuable experience and knowledge in telecommunications and IP, and we are extremely fortunate that he is on our team," said Amos Sivan, CEO of Formula Telecom Solutions. "I believe Yair's appointment will be crucial as FTS continues to develop and market solutions that enable service providers to deliver next generation services like IP Multi-services and increase their revenues."

"I'm thrilled to take on this new responsibility, especially when considering the huge opportunities for growth in the world of telecom customer management," added Mr. Sakov. "FTS' comprehensive portfolio of next generation BSS solutions enables operators to increase customer acquisition and retention and eventually AMPU. We are looking forward to expanding our market presence as these solutions are pivotal to the launching of next generation services."

Mr. Sakov holds a B.Sc. in Electrical and Computer Engineering from the Technion, Israel, and an MBA from Washington University, USA.

About Formula Telecom Solutions (FTS)

Formula Telecom Solutions (FTS) (UK:FTS) is a leading global provider of converged end-to-end CRM and billing solutions for telecom operators and service providers. FTS' integrated "triple-triple play" solutions enable wireline, wireless and content operators to offer advanced voice, data and video services, while supporting prepaid, postpaid and pay-on-demand billing. FTS maintains a global presence with worldwide installations supported by sales and service offices on three continents. Combining a proven track record of on-time, on-budget project delivery with solid backing and extensive resources from the Formula Group (FORTY), FTS is a CRM and billing one-stop shop. FTS' cutting-edge solutions enable operators to streamline customer acquisition, enhance customer retention and increase profitability - all at a low total cost of ownership. For more information about FTS, please visit us at www.fts-soft.com.

SOURCE Formula Telecom Solutions, Ltd

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midastouch017 19 years ago

New iBOLT Offering for Service Level Management
Monday October 10, 7:00 am ET
Integration platform for BMCRemedy's AR-System

HOUTEN, Netherlands, Oct. 10 /PRNewswire-FirstCall/ -- Magic Software Enterprises (Nasdaq: MGIC - News), a leading provider of state-of-the-art development and integration technology, in cooperation with COC N-Tuition AG, announced today iBOLT Remedy, an integration platform for Remedy's Action Request System for automating Service Management business processes.

BMCRemedy's Action Request System is a leading platform and development environment for automating Service Management business processes.

The partnership between the two companies in developing iBOLT Remedy is based on COC N-Tuition's deep knowledge of both Remedy's AR-System and Magic's technology. A typical scenario for iBOLT Remedy is the seamless integration of a first level Service Desk implemented with Remedy AR and a second level support organization that uses another support solution. With iBOLT Remedy, the escalation and resolution of support tickets across the support chain is fully automated, secured and monitored, triggering additional processes as appropriate based on each ticket's content.

"As a solution provider in the area of IT-Service Management, we are pleased that we can now offer our customers a new platform with which all processes and applications of an enterprise can be integrated and optimised," added B. Carter Looney, COC N-Tuition AG executive.

"With COC N-Tuition we have found a strong partner, who has the business and technology know-how to adapt iBOLT for the streamlining of IT service management processes. This new vertical offering of iBOLT follows other successful vertical and focused offerings such as iBOLT for the Financial Services and iBOLT SE for SAP Business One," stated Regev Yativ, Managing Director, Magic EMEA.

About COC Group

The COC group focuses on consulting, user and IT infrastructure services for large-scale industry and trade enterprises. By leveraging the achievements of its IT organizations, it supports its customers to adapt to the ever-rising requirements of innovation and cost control.

Its core competency lies in its expertise of user services in helpdesk support and training, with infrastructure services in the areas of client, server and development.

Management consulting, workflow organization, implementation and ITIL complement COC's technical expertise. In addition, the COC group develops its own products, such as its support management system HelpMatics(TM) and its template navigation system DocuNize as well as the AR-System related product ARSXML Link, ARSLink for SAP and ARSReport Link. Altogether the COC Group employs 135 highly specialized employees in seven branches in Germany and Austria.

About Magic Software Enterprises

Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq: FORTY - News), is a leader in composite application development and deployment platforms, featuring a Service Oriented Architecture (SOA), Application Integration and Business Process Management (BPM). Magic customers rapidly develop and deploy applications, customizing and integrating with existing and legacy systems. Our products build on 20 years of R&D and customer experience, leading the industry in Composite Application Development. Magic technology, products and professional services are available through a global network of subsidiaries, distributors and over 2500 Magic Solutions Partners in approximately 50 countries. The Company's EMEA HQ offices are located in the Netherlands, Pelmolen 17 3994XX Houten, 0031-30.6566266. The company's North American subsidiary is located at 23046 Avenida de la Carlota Suite 300 Laguna Hills, CA 92653, telephone (800) 345-6244, (949) 250-1718, fax (949) 250-7404. http://www.magicsoftware.com.

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission

Source: Magic Software Enterprises

http://biz.yahoo.com/prnews/051010/lnm001.html?.v=10

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midastouch017 19 years ago

ANTs Expands Internationally; Signs Matrix as Primary Distributor in Israel
Thursday October 6, 8:00 am ET
Enters Israel Market With Signing of Strategic Systems Integrator

BURLINGAME, Calif., Oct. 6 /PRNewswire-FirstCall/ -- ANTs software, inc. (OTC Bulletin Board: ANTS - News), a developer of high-performance SQL database management systems, today announced the signing of a distribution agreement with Matrix, the leading integration and IT company in Israel, to distribute and support the ANTs Data Server in that market. The agreement marks ANTs' entry into a key technology market, and is the first of what the company anticipates will be a series of relationships established to further its push into Europe, Middle East and Asia.

Matrix serves customers in the business, finance, telecommunications, commerce, government, public sector and defense industries. Matrix provides ANTs with a comprehensive, highly professional marketing, sales and pre-sales network and a comprehensive service and training center. Matrix believes that the low total cost of ownership and high performance offered by the ANTs Data Server will prove to be very attractive to a large number of business and government organizations in Israel.

ANTs offers Matrix customers the potential to significantly reduce database hardware, software and system administration costs, achieve rapid, low-cost migration of their applications to the ANTs Data Server and realize significant performance advantages.

"Our relationship with Matrix marks the initiation of our global expansion strategy and establishes our presence in an important advanced technology center of the world," said Boyd Pearce, CEO of ANTs Software. "We look forward to helping Matrix deliver the benefits of the ANTs Data Server to its customers and provide them a far superior alternative to traditional relational databases and in-memory caching options."

About The ANTs Data Server

The ANTs Data Server is a full-featured, standards-compliant relational database management system based on a breakthrough, high-performance SQL query execution engine that incorporates innovative, lock-free operations. It can typically be deployed on fewer, low-cost servers with the potential to reduce hardware, software and system administration costs by 60 to 90 percent.

Through its compatibility with Oracle, SQL Server and Sybase databases, and its embedded deployment mode that supports TimesTen applications, the ANTs Data Server allows applications to be quickly moved without the major rewrites and cost usually associated with application migration.

About Matrix

Matrix is the leading integration and IT company in Israel. Employing 2,100 software professionals, Matrix supplies advanced information technology services to over 500 clients. The company's annual revenue for FY2004 was $200 million. Matrix is traded on the Tel Aviv Stock Exchange. The company is part of the Formula Group, Israel's premier IT group, publicly traded in the United States (Nasdaq: FORTY - News). For more information on Matrix, visit www.matrix.co.il

http://biz.yahoo.com/prnews/051006/sfth025.html?.v=27

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gogetrtx 19 years ago

I am interested in wireless comm. companies... most recently I discovered ERFwireless(dotcom) after reading about their subsidiary receiving $1million contract for secure wireless network in Louisiana (bank contract). Formula is one that I have watched in the past...

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midastouch017 19 years ago

Magic Software Joins Forces With Norway's Leading Integrator
Wednesday September 14, 7:00 am ET
Faster Integration Will Leverage More Productivity From Current IT Systems

HOUTEN, Netherlands, Sept. 14 /PRNewswire-FirstCall/ -- Magic Software Enterprises (Nasdaq: MGIC - News), a leading provider of state-of-the-art development and integration technology, announced today that it has signed an agreement with WM Data, one of Norway's leading system integrators, according to which WM Data will employ Magic's iBOLT business integration suite for its integration projects.

WM Data has a wide variety of customers from major Nordic banks and insurance companies to car manufactures, retail industries and the public sector. WM Data's customers benefit from the wide range of services offered including system integration, enterprise resource planning, supply chain management and application management. It is envisaged that iBOLT will provide WM Data with a competitive edge in being able to decrease integration timescales whilst offering extensive functionality to the final project.

Tor Malmo, Managing Director of WM Data comments, "Our customers often require tactical integration projects to relieve pressure points within their business processes, and by taking just small components from a variety of internal systems we can create a business solution that immediately addresses these issues within the company operation. Magic's iBOLT will enable us to provide this service quickly and at an affordable price; the benefit to our customers is that they can leverage more from their current IT investment."

"We are very pleased that WM Data has decided to include iBOLT in its portfolio of services and products. We are matching WM Data's commitment of dedicated iBOLT sales personnel with local training and support, and both companies are very encouraged by the amount of interest from customers," says Regev Yativ, Managing Director, Magic EMEA.

About Magic Software Enterprises

Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq: FORTY - News), is a leader in composite application development and deployment platforms, featuring a Service Oriented Architecture (SOA), Application Integration and Business Process Management (BPM). Magic customers rapidly develop and deploy applications, customizing and integrating with existing and legacy systems. Our products build on 20 years of R&D and customer experience, leading the industry in Composite Application Development. Magic technology, products and professional services are available through a global network of subsidiaries, distributors and over 2500 Magic Solutions Partners in approximately 50 countries. The Company's EMEA HQ offices are located in the Netherlands, Pelmolen 17 3994XX Houten, 0031-30.6566266. The company's North American subsidiary is located at Avenida de la Carlota Suite 300 Laguna Hills, CA 92653, telephone (800) 345-6244, (949) 250-1718, fax (949) 250-7404. http://www.magicsoftware.com.

http://biz.yahoo.com/prnews/050914/lnw001.html?.v=9

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midastouch017 19 years ago

Menzies Distribution Implements Real Time Logistics With Magic Software
Tuesday September 6, 7:00 am ET
Newspaper distribution system delivers 4 million newspapers accurately and on time

HOUTON, The Netherlands, Sept. 6 /PRNewswire-FirstCall/ -- Magic Software Enterprises (Nasdaq: MGIC - News), a leading provider of state-of-the-art development and integration technology, announced today that Menzies Distribution has successfully rolled out 'Pack by Light', a customized application developed in conjunction with Magic that handles order lines for more than 15,000 customers each night to ensure the successful delivery of more than four million newspapers the following morning.

Pack by Light enables managers at Menzies' thirty depots to react to the night's events, targeting specific routes and resources to ensure delivery times are met and updating paperwork in real time so that final packing notes are one hundred percent accurate. The "Pack by Light" system reacts to minimize any delays caused by problems such as printing press problems, transport or the weather. The alternative is lost newspaper sales for the retailer.

Frank Coyle, IT Director of Menzies Distribution comments, "Working closely with Magic we have created a system that is directly suited to the unique pattern of newspaper distribution in the UK. The flexibility of Magic's technology has enabled us to provide an enhanced service to our retailers. We are already planning to trial 'Pack by Light' to our magazine distribution business in the near future."

Magic's technology provides hi-level Business Process Automation and Monitoring and enables Real Time Logistics. Magic's advanced Rules Engine facilitates the rapid creation and customization of large-scale distributed applications with complex business logic.

Pack by Light not only ensures accuracy and timely delivery, it also cuts down on paperwork with just one set required for delivery and returns; it ensures that each parcel is created to a uniform size and weight, within health and safety guidelines.

Regev Yativ, Managing Director of Magic Software EMEA said, "This successful rollout demonstrates Magic's commitment to providing its customers with technologies such as Real Time Business Automation and Monitoring that address specific business requirements, delivering tangible results in increased customer satisfaction and higher productivity yields. Magic's ability to rapidly customize applications has allowed Menzies to capitalize on their culture of open communication with customers and staff, placing their suggestions at the center of the development to maximize workflow efficiency. All of which makes this collaboration worthy of its instant success."

About Magic Software Enterprises

Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq: FORTY - News), is a leader in composite application development and deployment platforms, featuring a Service Oriented Architecture (SOA), Application Integration and Business Process Management (BPM). Magic customers rapidly develop and deploy applications, customizing and integrating with existing and legacy systems. Our products build on 20 years of R&D and customer experience, leading the industry in Composite Application Development. Magic technology, products and professional services are available through a global network of subsidiaries, distributors and over 2500 Magic Solutions Partners in approximately 50 countries. The Company's EMEA HQ offices are located in the Netherlands, Pelmolen 17 3994XX Houten, 0031-30.6566266. The company's North American subsidiary is located at 23046 Avenida de la Carlota Suite 300 Laguna Hills, CA 92653, telephone (800) 345-6244, (949) 250-1718, fax (949) 250-7404. http://www.magicsoftware.com.

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission

Contact:
Avigdor Luttinger
VP Marketing and Corporate Strategy
Magic Software Enterprises
(949) 250-1718 x299
Press_relations@magicsoftware.com

--------------------------------------------------------------------------------
Source: Magic Software Enterprises Ltd

http://biz.yahoo.com/prnews/050906/lntu003.html?.v=18

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midastouch017 19 years ago

F.T.S. - Formula Telecom Solutions Completes IPO in London
Thursday August 18, 11:21 am ET
Begins First Day of Dealings on AIM Market

LONDON, August 18 /PRNewswire-FirstCall/ -- F.T.S.- Formula Telecom Solutions Ltd., an international provider of integrated Billing and Customer Relationship Management software for the global telecommunications industry, announces that the Company's shares have today been admitted to trading on AIM, a market operated by the London Stock Exchange plc. The Company's ticker is "FTS".
The Company has raised GBP4.2 million (before expenses) in a placing of 3,500,000 Ordinary Shares at a price of 120p per share (the "Placing Price").

The Company has 32,524,012 Ordinary Shares in issue and a market capitalisation, at the Placing Price, of approximately GBP39.03 million.

Seymour Pierce acted as Nominated Adviser and Broker to the Company and Avalon Capital Ltd acted as corporate finance adviser to the Company.

Amos Sivan, Chief Executive of FTS, added: "We are delighted to have joined AIM. We have a clear strategy for growth and look forward to building our business and developing our relationships with existing and new customers. Our ability to provide convergent solutions, which allow telecoms operators to provide a similar set of services to both their Pre-paid and Post-paid subscribers, provides us with a considerable scope for growth. Our AIM status can only help in growing our business."

http://biz.yahoo.com/prnews/050818/ukth010.html?.v=20

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midastouch017 19 years ago

Visa Cal Implements SOA with Magic Software's iBOLT
8/18/2005 7:02:24 AM

OR YEHUDA, Israel, Aug 18, 2005 /PRNewswire-FirstCall via COMTEX/ -- Magic Software Enterprises Ltd. (MGIC), a leading provider of state-of-the-art business integration and development technology, announced today that Visa Cal -- one of the leading Israeli Visa Credit Card Operators -- has completed the implementation of Magic's iBOLT Business Integration platform. Cal is expected to expand the project in the near future.

Using iBOLT, Cal has implemented the infrastructure that links applications in heterogeneous environments, deploying their Service Oriented Architecture (SOA) throughout the organization.

In the project's initial stage, Magic Israel's professional services built the infrastructure for implementing SOA using iBOLT, and then transferred the knowledge to Cal's integration team. Cal's team currently performs the necessary system maintenance and is planning to develop additional processes.

Gil Yam, Vice President and head of Cal's Operation and Information System division said, "iBOLT helps Cal with the necessary infrastructure while providing a comprehensive solution platform to the Company's diverse needs."

"Cal's choice of iBOLT is another example of an Israeli economy leader that has placed their trust in Magic's development and integration platforms. The stability and the scope of the solution, combined with iBOLT's excellent capabilities of integrating heterogeneous environments such as Cal's, allows the company to build a flexible, efficient solution for inter-system functionality," said Udi Ertel, General Manager of Magic Israel, the Israeli subsidiary of Magic Software Enterprises. "Magic is happy to extend our collaboration with a long standing business partner and customer such as Visa Cal."

About Magic Software Enterprises

Magic Software Enterprises, a subsidiary of Formula Systems (FORTY), develops, markets and supports software development, deployment and integration technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries. The Company's corporate offices are located at 5 Haplada St., Or Yehuda, Israel +972-3-538-9292. The Company's EMEA HQ offices are located in the Netherlands, Pelmolen 17 3994XX Houten, 0031-30.6566266. The Company's North American headquarters is located at 23046 Avenida de la Carlota, Laguna Hills, CA 926653, telephone (800)-345-6244, +1-(949)-250-1718, http://www.magicsoftware.com/.

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midastouch017 19 years ago

Formula Systems Reports Second Quarter results
Thursday August 18, 1:00 am ET

HERZLIYA, Israel, Aug. 18 /PRNewswire-FirstCall/ -- Formula Systems (1985) Ltd. (Nasdaq: FORTY - News) a leading provider of information technology products, solutions and services, announced today results for the second quarter ended June 30, 2005.
ADVERTISEMENT

Total revenues for the second quarter ended June 30, 2005 were $126.4 million compared to $110.3 million in the comparable quarter of 2004, an increase of 15%. In the first six months of 2005, Formula reported revenues of $255.1 million, an increase of 16% from the same period last year.

Operating income in the second quarter of 2005 was $2.9 million compared to $3.7 million in the second quarter of 2004. In the first half of 2005 operating income increased to $8.7 million from $6.5 million in the comparable period of 2004.

In the second quarter the Company reported a net income of $111 thousands compared to net income of $2.0 million in the second quarter of 2004. Net income in the first six months of 2005 totaled $1.9 million compared to $4.7 million in the same period last year.

Gad Goldstein, President of Formula, commented: "I am satisfied with the revenue and operational growth of 16% and 33% respectively in the first half of 2005 as compared to the same period in 2004. Gain on realization of investments was substantially lower in the first six months of 2005 as compared to the same period of 2004 and had a negative impact on the net income for this period. Since capital gains do not occur on a regular basis it is difficult to control their timing. Based on our arsenal of potential capital gains, whose materialization we are working on, and encouraged by the nice head start of the Formula Telecom IPO in the AIM stock market, we believe that the second half net income will follow the positive trend of the revenues and operating income in the first half."

About Formula

Formula Systems Ltd. is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions.

http://biz.yahoo.com/prnews/050818/nyth030.html?.v=21

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midastouch017 19 years ago

Secom Techno Service Choose Magic's iBOLT for Service Oriented Architecture
First Comprehensive iBOLT implementation in Japan
8/16/2005 8:00:32 AM

TOKYO, Aug 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- Magic Software Enterprises (MGIC), a leader in composite application development and deployment platforms, announced today that Secom Techno Service, a Japanese leader in the security system construction management solutions field, has chosen Magic's iBOLT Integration Suite to enhance its Service Oriented Architecture (SOA).

The iBOLT Integration Suite (known as jBOLT in Japan), is an EAI/BPM platform with comprehensive system integration features. Following an initial test period of two months, iBOLT has begun full operations at Secom Techno Service. This is the first comprehensive iBOLT implementation in Japan.

Secom Techno Service, long-time users of Magic's solutions and products throughout their organization, has implemented Magic's iBOLT for their system integration and SOA development. Additionally, Secom is looking to expand the system to allow remote order processing via cellular phones.

"Since we deployed iBOLT, the batch processing has become steady, and the efficiency of our operations has improved," Mr. Koji Iwasawa, Assistant Manager, Planning Department, Secom Techno Service Co., Ltd stated.

The Secom Techno Service system combined with Magic's iBOLT strengthens and enhances the functionality of Secom's existing construction management system.

"With the adoption of iBOLT, Secom can pursue the implementation of its Service Oriented Architecture," stated Mr. Hideoki Nakamura, President of Magic Software Japan. "We believe that this flagship Japanese iBOLT deal will insure our SOA leadership in the Japanese Market."

About Magic Software Japan

Magic Software Japan, which was established in 1998 and began operations in 1999, has built a solid reputation and strong presence in the Japanese market, where it currently controls approximately 20% of the application development technology segment. Currently, more than 24,000 corporations are using Magic's products across Japan.

About Magic Software Enterprises

Magic Software Enterprises, Ltd. (http://www.magicsoftware.com/), a subsidiary of Formula Systems (FORTY), develops, markets and supports software development, deployment and integration technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries. The Company's WW HQ is located in Or Yehuda, Israel, its EMEA HQ offices are located in Houten, the Netherlands, and its North American HQ is located in Laguna Hills, California.

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midastouch017 19 years ago

BluePhoenix Introduces Automated Tool for Converting ADABAS/Natural Applications to Java Using Relational Databases; Begins Project for Danish Commerce Agency
New Software Tool to Help Organizations Migrate From Legacy ADABAS/Natural Applications
8/16/2005 6:52:01 AM

CARY, N.C. & HERZLIA, Israel, Aug 16, 2005 (BUSINESS WIRE) -- BluePhoenix Solutions (BPHX), the leader in Enterprise IT Modernization, today announced its newest solution: a fully automated converter for ADABAS/Natural applications to Java accessing a relational database management system (RDBMS). The solution helps companies migrate applications away from the proprietary ADABAS/Natural environments to modern, open technologies such as Java, J2EE, relational databases, and Web-enabled graphical user-interfaces. The migrated applications can then be extended more easily to meet new business requirements.
The company also announced that it has begun its first major turn-key project using the new solution for the Danish Commerce and Companies Agency, part of the Ministry of Economic and Business Affairs in Copenhagen.

The project calls for migration of more than 2,700 ADABAS/Natural programs with a million lines of code, and 200 ADABAS views from the OS/390 (MVS) mainframe to Java/Oracle/J2EE running on Linux. All 1,000 Natural character-based screens have already been converted by BluePhoenix to graphical Web screens.

"This is a critically important project for our agency," said Ole Blondal, CEO of Danish Commerce and Companies Agency. "Not only will the migration allow us to move our technology forward, but thanks to the efficiency of the automated conversion tools, we estimate significant savings in annual operating costs and expect to achieve a very rapid return on our investment. BluePhoenix was the only company in the field that could offer us a fully automated conversion solution from ADABAS/Natural."

The ADABAS database software was created in 1971. It remains one of the fastest databases in the world and is used by more than 3,000 major companies worldwide. Natural is a fourth generation programming language, first developed in the late 1970s.

"The need to cut costs and to catch-up with emerging business requirements is driving companies to move their older applications and databases to modern Web environments such as Java and .NET," said Orit Abelson, product manager at BluePhoenix. "Although many of these legacy applications are still functioning quite well, the costs of execution and license fees are rising steadily while the specialized programmers needed for these 4GL environments are getting harder and harder to find."

"Companies have made substantial investments in their IT assets to support their mission-critical processes," said Dale Vecchio, research vice president at Gartner. "But the Web has changed everything. Now, in order to stay competitive, IT managers have to cut costs and improve response time by modernizing their legacy applications to Web-based environments such as Java or .NET."

In 2004, BluePhoenix announced plans to provide customers with the industry's most complete portfolio of high-efficiency conversion tools for application migration for all major 4GL languages. To date, the company has developed specialized tools for five major 4GL languages and now offers LanguageMigrator software for Natural, ADSO, Mantis, COOL:Gen, and PowerBuilder. BluePhoenix now offers a complete solution for clients looking to migrate away from ADABAS/Natural. Clients can migrate to RDBMS/Java or RDBMS/COBOL. The solution also enables migrating ADABAS/COBOL to RDBMS/COBOL.

A platform migration is also provided for customers moving away from the mainframe. All job control streams and mainframe utilities are also migrated to scripts and appropriate utilities on the target environment.

BluePhoenix(TM) DBMSMigrator for ADABAS/Natural is designed to provide an end-to-end solution including Java code generation, JSP screen generation, RDBMS schema generation, data migration programs to migrate the data from ADABAS to RDBMS, thus creating a target application ready for acceptance tests. The converted code is supplied with a Java open source library to implement Natural-specific functions, thus speeding the adoption of Java and accelerating the development of future Java applications.

BluePhoenix(TM) LanguageMigrator for Natural supports all versions of Natural including both reporting and structured mode. It can be used to migrate both online and batch applications to Java running on any J2EE platform. It also supports Natural to COBOL on Unix or Windows platforms. DBMSMigrator migrates all ADABAS files to standard relational databases such as DB2, SQL Server, or Oracle.

About EogS

Danish Commerce and Companies Agency is part of the Ministry of Economic and Business Affairs in Copenhagen. The Agency administers legislation regarding business and commerce in Denmark and is responsible for regulating accountants, real estate agents, authorized translators, interpreters, restaurants, and hotels, as well as the HomeService Scheme.

About BluePhoenix Solutions

BluePhoenix Solutions leads the IT Modernization market by developing unique solutions that enable companies to automate the process of modernizing and upgrading their mainframe and distributed IT infrastructure, thus quickly and cost-effectively extending the ROI of their existing IT systems. The company's comprehensive suite of tools and services, (including technology for Understanding, Migration, Remediation, and Redevelopment), reduces the cost of renovation and speeds up the renewal process. BluePhoenix has 12 offices throughout the world, including locations in the USA, UK, Denmark, Germany, Italy, The Netherlands, Australia, and Israel. The company's major shareholder is Formula Systems (FORTY), an international Information Technology company principally engaged in providing software products, solutions, and services in various vertical markets. For more information, please visit www.bphx.com.

SOURCE: BluePhoenix Solutions

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midastouch017 19 years ago

Formula Telecom raises $7.5m on London’s AIM

FTS originally planned to raise $20 million, but last month’s terrorist bombings in London forced it scale back its plans.

Tali Tsipori 14 Aug 05 13:37

Formula Vision Technologies Ltd. (TASE:FVT) subsidiary Formula Telecom Solutions Ltd. (FTS) announced on Thursday that it had raised a gross ₤4.2 million ($7.5 million) in an issue of 4.5 million shares at ₤1.20 per share on London’s Alternative Investment Market (AIM), reflecting a market cap of $70 million, after money. Trading in FTS’s share will begin on August 18.
UK investment house Seymour Pierce Ltd. led the issue. Following the issue, Formula Vision’s stake in FTS will probably fall from 50.1% to 44.7%, and it will report a NIS 7 million capital gain in its financial report for the third quarter of 2005.

FTS originally planned to raise $20 million and make an offer for sale in the same amount, but last month’s terrorist bombings in London forced it scale back its plans. “The first bombings occurred on the first day of our road show (July 7), and the second wave of attacks occurred on the last day (July 21),” said FTS chairman Dan Goldstein, the controlling shareholder in Formula Systems Ltd. (Nasdaq:FORTY; TASE:FORT). “Although we had to cancel some of our meetings in the road show, and despite the problematic atmosphere, we decided not to postpone the IPO, which would have forced us to repeat the entire process.”

FTS did cancel the offer to sell.

Goldstein said FTS could have raised more than it actually did, had it been willing to lower its price for the issue. “We didn’t want to cut the price in order to increase the size of the issue. The company value for the issue was therefore that at which we originally planned to hold the issue when we initiated the process,” he said.

FTS was floated at a company value of $62.5 million, before money. Goldstein said, “This is the price we wanted to get for the company.” He added that additional issues were possible in the future, and would include offers to sell by FTS’s shareholders.

Founded in 1997, FTS provides billing and customer relations management (CRM) software solutions and applications, mostly for telecommunications companies. It posted a pretax profit of $5.8 million on $22.7 million in revenue for 2004.

Published by Globes [online], Israel business news - www.globes.co.il - on August 14, 2005

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midastouch017 19 years ago

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midastouch017 19 years ago

Magic Software Reports Second Quarter Results
- Aug 9, 2005 07:07 AM (PR Newswire)
- http://finance.lycos.com/home/news/story.asp?story=51014740

===========================================================================

iBOLT Revenue Doubled from Previous Quarter

OR YEHUDA, Israel, Aug. 9 /PRNewswire-FirstCall/ -- Magic Software
Enterprises Ltd. (Nasdaq: MGIC), a leading provider of state-of-the-art
business integration and development technology, reported today its
results
for the quarter ended June 30, 2005.

Second Quarter Results

Total revenue for the second quarter ended June 30, 2005 were $15.7
million, a decrease of 6% from the $16.7 million reported in the
comparable
quarter of 2004.

License sales for the quarter, at $4.4 million, decreased 25% from $5.5
million, in the second quarter of 2004. Application sales for the
quarter were
$1.9 million, an increase of 6% from $1.8 million in the comparable
quarter.

Revenue from maintenance and support, at $3.9 million, increased 26%
from
$3.1 million in the second quarter of 2004, reflecting the continued
efforts
by the company to secure customer retention and loyalty. Consulting and
other
services revenue, at $5.5 million, decreased 13% from $6.3 million for
the
comparable quarter of last year.

Gross profit margin for the second quarter of 2005 amounted to 57%,
compared to a margin of 61% in the equivalent quarter in 2004. Net loss
for
the second quarter of 2005 was $1,160,000 (or ($0.04) per share)
compared
with a net profit of $914,000 (or $0.03 per share) in the second
quarter of
2004.

In the second quarter of 2005, Europe accounted for 40% of total
revenue,
while North America and Japan accounted for 32% and 16%, respectively.
The
rest of the world accounted for 12% of total revenue in the quarter.

Commenting on the quarter results, Menachem Hasfari, Magic's CEO said:
"our results have been affected by last moment slippage of deals in the
USA
and Japan. Changes in product mix and a weak Euro have also had a
negative
impact on the quarterly results. However, significant achievements have
been
made in the doubling of iBOLT sales from the previous quarter and the
continued increase in maintenance and support revenue. Our penetration
into
the SAP Business One partner community has strengthened with the
recruitment
and training during the quarter of over 20 new SAP partners, that will
market
the iBOLT special edition for SAP."

Accomplishments:

The following highlights were announced, or have occurred since Magic
Software Enterprises' last earnings statement:

Magic Software has officially launched a branded edition of iBOLT
(named
jBOLT) in Japan.

This quarter has demonstrated a continuing customer reaffirmation of
Magic
as a strategic technology. Some of the iBOLT deals in the reported
quarter
include:

-- Newman and Co., Inc., a US based manufacturer in the paperboard
industry.
-- OAG a global content management company specializing in travel
and
transport.
-- PAC2000A, one of the leading cooperatives of retail chains in
Italy,
with approximately 1,200 affiliated points of sale.
-- The first iBOLT implementation in Korea was purchased by
Shinsegae I&C.

Business Development Highlights:
-- Magic Software was a platinum sponsor at the recent SAP North
American
Summer Sales Meeting in Boston. Magic was recognized as having
implemented the most comprehensive partner-driven global
business
development with SAP Business One to date.
Magic has to date signed partnership deals with approximately 5%
of SAP
Business One Partners worldwide (excluding North America).
-- Magic partnered with Twinsoft to offer a practical, cost
effective
response to integration imperatives of legacy applications.
-- In France, Magic partnered with W4, a leading vendor of Human
Workflow
technology, and launched a comprehensive joint marketing and
sales
campaign.
-- In the Netherlands, Magic signed a technology and joint
marketing
agreement with Syntel, a leading financial software provider and
Magic
Solution Partner, incorporating Syntel's financial gateway as an
iBOLT
component. First sales of this component to financial
institutions in
Germany were made during the quarter.

Other Highlights:
-- Magic's HERMES system won a million dollar deal with the
Frankfurt
Airport.
-- Magic Israel signed a three and a half year framework agreement
with
the Government of Israel to purchase additional licenses and
upgrade
existing Magic Technologies in use by government agencies.
-- iBOLT was recognized again for "Innovative Leadership In The
Software
Development Industry" by the SD Times magazine.
-- eWeek a leading technology magazine, and CRN (Computer Reseller
News)
have both highlighted Magic's Composite Application Framework.
-- Magic India opened a new sales office in Bangalore, India's
premier IT
hub.

Conference Call

Magic Software will host a conference call today, Tuesday, August 9th,
2005. The conference call will begin at 11am EDT, 4pm GMT, or 6pm in
Israel,
to discuss the Company's second quarter financial results. To
participate,
interested parties should call the appropriate number listed below at
least
five to ten minutes prior to the start of the call:

From the US: 1 866 229 7198
From Canada: 1 866 485 2399
From Israel: 03 918 0609
All others: +972 3 918 0609
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midastouch017 19 years ago

Magic's CEO Hands In His Resignation
Tuesday August 9, 6:34 am ET

OR YEHUDA, Israel, Aug. 9 /PRNewswire-FirstCall/ -- Magic Software Enterprises Ltd. (Nasdaq: MGIC - News), a leading provider of state-of-the-art business integration and development technology announced today that its CEO, Menachem Hasfari, has resigned and will step down from his position.
Menachem announced his resignation after having joined the company as CEO 4.5 years ago. Menachem joined Magic in February 2001, in the midst of one of the most difficult periods in the software industry and has successfully turned the company around to profitability. Menachem embarked the company on the development of iBOLT, which is successfully becoming the company's flagship and new growth engine.

Menachem Hasfari said: "This is a long-planned departure, and I'm leaving behind me a strong and able Magic, a company that has now the right strategy and means to exploit the full potential in its field. My years in Magic were memorable, a time to cherish, and I would like to thank Magic's employees and management for their efforts in building Magic together with me."

David Assia, Magic's founder and Chairman, thanked Menachem for his great contribution in helping turn the company around in a very difficult period and re-focus the company in its new direction. "Under Menachem's leadership, Magic embarked on the ambitious development of iBOLT, our enterprise application integration platform, which has become Magic's growth engine of the future. He has built a sound infrastructure, which will enable us to grow rapidly in the future. We are sorry to see him leave and reluctantly respected his request. We wish him great success in his pursuit of new opportunities."

Danny Goldstein, Formula's Chairman that holds a controlling stake in Magic Software, added "Menachem has done a remarkable job of turning the company around and building a strong infrastructure for its future growth. I wish Menachem great success in his new endeavors."

David Assia, Chairman and Founder of Magic, will resume all CEO responsibilities effective immediately until a new CEO is recruited. The board has appointed a committee, which will immediately commence a search for a replacement.

In the interim, Menachem will work together with the company to help with a smooth transition.

About Magic Software Enterprises

Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq: FORTY - News), develops, markets and supports software development, deployment and integration technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries. The Company's corporate offices are located at 5 Haplada St., Or Yehuda, Israel 972-3-538-9292. The Company's EMEA HQ offices are located in the Netherlands, Pelmolen 17 3994XX Houten, 0031-30.6566266. The Company's North American subsidiary is located at 23046 Avenida de la Carlota, Laguna Hills, CA 926653, telephone (800) 345-6244, (949) 250-1718, http://www.magicsoftware.com/.

http://biz.yahoo.com/prnews/050809/lntu003.html?.v=16

Dubi

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midastouch017 19 years ago

(NASDAQ:FORTY) Formula Systems (1985) Ltd.

GigaSpaces Receives Funding From Intel Capital, Bringing the
Total Investment to $6M
- Aug 8, 2005 10:00 AM (PR Newswire)
- http://finance.lycos.com/home/news/story.asp?story=50990870

NEW YORK, August 8 /PRNewswire/ -- GigaSpaces Technologies, a
fast-growing provider of grid-based application servers for transaction intensive, business-critical applications, today announced that Intel Capital will join the recent financing round which was led by BRM Capital.
Intel's investment will bring the total funds raised to $6M. Formula Vision (TASE:FVT), GigaSpaces' major shareholder, also participated in the round.

GigaSpaces intends to use the funds to help expand its sales, marketing and product development activities, and to capitalize on the increasing customer demand for grid-based solutions.

GigaSpaces provides high throughput, low latency applications with a grid-based application server, which delivers all the necessary distributed application services, such as distributed caching, parallel processing and a distributed messaging bus. These capabilities enable large enterprises in a
variety of industries (Financial Services, Telecom and Defense) to rapidly develop and deploy distributed applications over low-cost infrastructure.

"GigaSpaces' customers are constantly looking for new ways to solve the performance, reliability and scalability issues of their transaction-intensive, business critical applications," said Yaron Benvenisti, CEO of GigaSpaces. "This funding from Intel Capital will help drive our next phase of growth."

About GigaSpaces Technologies

GigaSpaces provides a grid-based application server that solves the performance, reliability and scalability problems of high-performance, transaction-intensive, business critical applications. Among the company's customers are AIG, Nortel Networks, FXall, Hutchison 3G and others in a variety of industries such as Financial Services, Telecom and Defense.
GigaSpaces was founded in 2000 and has offices in New York, London and Israel. GigaSpaces is a privately held company, funded by BRM Capital, Formula Vision and Intel Capital. It is an affiliated company of the Formula Group (NASDAQ:FORTY), Israel's largest publicly held IT group. For more
information, please visit

www.gigaspaces.com

About Formula Vision

Formula Vision Technologies (TASE: FVT) is a managing holding and investment company, guiding a group of privately held IT companies with innovative, proprietary technologies and solutions targeting international markets.

Formula Vision is a member of the Formula Group (NASDAQ:FORTY). The Formula Group, Israel's leading IT group, and its 4,500 professionals provide a broad range of information-technology solutions and complementary services
to customers in Israel and fifty countries worldwide.

www.formulavision.com

Dubi

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midastouch017 19 years ago

Newman Inc. Implements Service Oriented Architecture with Magic Software's iBOLT
Tuesday August 2, 7:00 am ET
Paperboard Recycler Reduces Errors and Eliminates Inefficiencies with iBOLT

LAGUNA HILLS, Calif., Aug. 2 /PRNewswire-FirstCall/ -- Magic Software Enterprises (Nasdaq: MGIC - News), a leader in composite software applications and processes, announced today that Newman and Co., Inc., an innovative paperboard recycling company, has implemented Magic's iBOLT Integration Suite to improve business processes and to begin putting in place the infrastructure for a Service Oriented Architecture.
Newman is a manufacturer of high quality recycled paperboard located in Philadelphia, Pa. Newman had a need to integrate existing legacy systems based on an older version of FoxPro with its Warehouse Management System, a Platinum ERP system, and other systems. Newman's iBOLT solution will utilize XML to integrate elements of the supply chain with trading partners while eliminating, or automating time consuming processes.

"iBOLT offered the great advantage of providing us with a way to integrate with our existing legacy systems while at the same time modernizing those legacy applications on an evolutionary basis without sacrificing integrity of our data during the implementation process," said Robert Bennett, CIO for Newman. "We have already implemented our first integration project with iBOLT and it has immediately eliminated the errors we were experiencing with a custom invoicing interface to the Platinum system."

Magic Software's iBOLT is designed as a comprehensive, cost-effective and straightforward Business Process Integration framework. iBOLT seeks to rationalize competing standards and proprietary formats while quickly creating and dynamically deploying new business processes, services, and applications. Its innovative visual design tools, Data Mapper and integration wizards are positioned to assure enterprises of fast, successful, end-to-end business integration.

Oren Inbar, CEO of Magic Software Enterprise's North America subsidiary said, "Newman's choice of Magic truly illustrates the powerful capabilities we offer to enterprises of all sizes pursuing service oriented architectures and composite applications capability. With iBOLT, Newman found a single unified technology to provide business process design, messaging, transformation, routing and monitoring."

About Magic Software Enterprises

Magic Software Enterprises, Ltd. (http://www.magicsoftware.com/), a subsidiary of Formula Systems (Nasdaq: FORTY - News), develops, markets and supports software development, deployment and integration technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries. The Company's WW HQ is located in Or Yehuda, Israel, its EMEA HQ offices are located in Houten, the Netherlands, and its North American HQ is located in Laguna Hills, California.

http://biz.yahoo.com/prnews/050802/lntu001.html?.v=11

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midastouch017 19 years ago

FTS picks NextNine to support its billing/CRM suite

Formula Telecom Solutions is a member of the Formula group. NextNine was founded in 1998 at the Naiot incubator.

Globes correspondent 27 Jul 05 15:51

Formula Telecom Solutions (FTS) has selected the NextNine Service Automation product for support of its billing and CRM suite of products, and has begun deploying it at several customer sites. No value was disclosed.
NextNine (formerly Rtview), was founded in 1998 within the Naiot Technological Center Ltd. The company’s distributed software platform provides remote automation of service and support processes. The NextNine Service Automation suite has been deployed by global companies such as Motorola Broadband (NYSE:MOT), Comverse Technology (Nasdaq: CMVT), LogicaCMG (LSE: LOG; Euronext: LOG) and airwide solutions.

FTS is a provider of convergent telecom management solutions for mobile, fixed-line, and advanced services operators. FTS is a subsidiary of Formula Vision (TASE: FVT) and a member of the Formula Systems (Nasdaq: FORTY; TASE: FORT) group.

Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, July 27, 2005

Dubi

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midastouch017 19 years ago

Magic Software and AAOD Announce Appointment of Aric Agmon as AAOD's President
Tuesday July 26, 7:00 am ET

OR YEHUDA, Israel, July 26 /PRNewswire-FirstCall/ -- Magic Software Enterprises (Nasdaq: MGIC - News), a leading provider of state-of-the-art business integration and application development technology, and its subsidiary Advanced Answers On Demand (AAOD) Inc. of Fort Lauderdale, Florida, a leading developer of IT solutions to the Long Term Care industry, announced today the appointment of Aric Agmon as AAOD's President, effective immediately.
Aric Agmon previously served in AAOD as VP Business Development. He also served as AAOD's VP Sales & Marketing and more recently as VP Operations. Aric joined Magic's HQ in Israel in 1999 and moved to AAOD in Florida in 2001.

Aric brings with him twenty years of international experience in the high tech industry. Prior to Magic, Aric held senior international management positions with Hitachi Data Systems Europe and IBM Europe and has been involved in acquisitions of close to twenty companies in Europe, Asia and North America. Aric has a B.A. in Economics from the Hebrew University of Jerusalem and an MBA with a major in Marketing and Management Information Systems.

"Aric's long and successful experience in managing IT operations and his business development abilities convinced us that he is the right person to lead AAOD into its next phase of growth," said Menachem Hasfari, CEO of Magic Software. "AAOD has increased its sales four fold since its acquisition by Magic in 2000, making it a major player in the Long Term Care (LTC) industry in the U.S. I'm sure Aric will contribute to AAOD's continued success."

http://biz.yahoo.com/prnews/050726/lntu002.html?.v=15

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midastouch017 19 years ago

Magic Software Enhances its Legacy Integration Capabilities With Twinsoft
Thursday July 21, 7:00 am ET

PARIS, July 21 /PRNewswire-FirstCall/ -- Magic Software Enterprises (Nasdaq: MGIC - News), a leading provider of state-of-the-art business integration and application development technology and Twinsoft, a leading vendor of mainframe application integration, have concluded a sales and technology partnership that will enhance their respective offerings to the legacy systems market.
The partnership with Paris-based Twinsoft, expands Magic's iBOLT Integration Suite, by exposing the business logic of IBM, BULL, AS/400 and other mainframe applications as SOAP-based Web Services. Twinsoft's "Convertigo" enables users to extend the use of their legacy applications by integrating them into EAI and SOA architectures.

This partnership offers a practical, cost effective response to regulatory and legal requirements introduced by new standards, such as Basel 2, AS2, IAS/IFRS, as well as to technical integration imperatives of legacy applications.

"Our partnership with Magic satisfies our customers' genuine desire to entrust their project to a single provider who understands both the business and technical issues. Our Legacy Integration expertise delivers a rapid return on investment to our customers," stated Olivier Picciotto, CEO of Twinsoft.

"The constant expansion of our partner community ensures that iBOLT continues to enrich its connectivity and interoperability capabilities, fulfilling our customer's needs," stated Avigdor Luttinger VP Marketing and Corporate Strategy at Magic Software. "Twinsoft holds a leading position in the IBM midrange and mainframe environments, and its proven technology will even further increase the effectiveness of our customers' integration projects."

Magic Software and Twinsoft have already started to jointly develop iBOLT projects. A series of events where they will present the advantages and details of their joint offering are currently available. For more information on these events see: http://www.magicsoftware.com/france Events section.

http://biz.yahoo.com/prnews/050721/lnth002.html?.v=11

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midastouch017 19 years ago

Panasonic Awards Sapiens with a $1.5M Application Support Contract

18 July 2005, 06:54am ET

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--July 18, 2005--Sapiens International Corporation N.V. (Nasdaq:SPNS) (TASE:SPNS) today announced that Panasonic UK, a leading supplier of electronic products, has extended its Application Support Contract of their supply chain logistics system known as PRIDE with Sapiens UK for a further 15 months.

This contract extends a multi-year IT relationship between Panasonic UK and Sapiens UK, during which time the two companies jointly developed the PRIDE application. The current contract extension is valued at approximately $1.5 million. Performance by Sapiens under the contract extension began a few months ago.

PRIDE, a mission-critical application, is an end-to-end supply chain solution that enables Panasonic UK to manage and track each product from the initial purchase order through delivery. It also includes a customs management component that tracks Panasonic UK's compliance with customs regulations.

Commenting on this contract, Mr. David Tipping IT Manager of Panasonic UK said: "We are delighted to be extending our long-term relationship with Sapiens. We have been very impressed with Sapiens' eMerge solution, and its high quality design and development. The Sapiens team has strongly supported us and we continue to see substantial business benefits from Pride."

Mr. Kali Bagary, Managing Director, Sapiens UK, added: "Sapiens continues to expand its Sapiens Maintenance Practice (SMP) within its UK customer base. SMP is our unique service centre in which we maintain customer solutions, delivering a best of breed service with substantially lower operational and maintenance costs enabling customers like Panasonic to focus on its core competencies. We look forward to the continuation of our long, mutually beneficial relationship with Panasonic UK."

http://finance.lycos.com/qc/news/story.aspx?story=50526344

Dubi

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midastouch017 19 years ago

GigaSpaces raises $2m

Intel Capital and BRM Capital participated in the round. GigaSpaces Technologies is a subsidiary of Formula Vision Technologies.

Batya Feldman 17 Jul 05 17:20

GigaSpaces Technologies Inc. closed a $2 million financing round on Friday. Intel Capital invested $1.5 million in the company and BRM Capital $500,000. GigaSpaces raised $3 million from BRM in January.
GigaSpaces, a subsidiary of Formula Vision Technologies Ltd. (TASE:FVT), provides dispersed grid-based infrastructure management and memory solutions for large financial and telecommunications enterprises.

Founded four years ago, GigaSpaces was wholly owned by Formula Vision until its previous financing round. BRM owns 23% of GigaSpaces and Formula Vision 59%. Formula Vision can invest an additional $1.3 million in the company.

Grid-based solutions are a software architecture enabling dispersed systems and processing across an enterprise’s full infrastructure, to exploit it better. Large enterprises with heavy information systems utilize only 15% on average of their infrastructure’s potential.

Among the company's customers are American International Group (NYSE:AIG), Nortel Networks (NYSE; TSX:NT), FXAll, Hutchison 3G, Tadiran Telecom Business System Ltd., and the New York Stock Exchange

Published by Globes [online], Israel business news - www.globes.co.il - on July 17, 2005

Dubi

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midastouch017 19 years ago

OAG Selects Magic Software's iBOLT to Improve Its Business Process Management
Thursday July 14, 7:00 am ET
Integration at every level for updated travel and transport data management system

HOUTEN, Netherlands, July 14 /PRNewswire-FirstCall/ -- Magic Software (Nasdaq: MGIC - News) announced today that the world's leading content management company specializing in travel and transport, OAG, has chosen Magic's iBOLT Integration Suite to improve the flexibility and efficiency in the transfer of information between its suppliers and customers and to support the migration of its internal Workflow and Business Process Management (BPM) system to iSeries.
ADVERTISEMENT

OAG is best known for its airline schedules database which holds flight details for 1000 airlines and more than 3500 airports. OAG collects raw data from its suppliers, which is then validated and crosschecked before being distributed in standard or customized formats to both businesses and consumers. To ensure future operation efficiency and to guarantee resilience, OAG planned to migrate applications from its mainframe to iSeries and to re- build and simplify the business flows. Key to OAG choosing iBOLT was its capabilities that embrace service orientated architectures and web services, plus its extensive BPM features.

"We selected iBOLT following a detailed evaluation of integration technology to help us deliver business orientated integration solutions for projects requiring a rapid implementation during our migration process," comments Bryon Young, IT EMEA/ASPAC Director of OAG. "Having now had first hand experience of the capabilities and flexibility that iBOLT provides, I believe that we will also be using it as a strategic tool for long term projects. In addition, Magic's Fast Track Integration program enabled us to keep control of the development, while still benefiting from Magic's experience and unique pricing model, thus ensuring a maximum return on our investment."

iBOLT is one of a few integration packages that can operate natively on the iSeries, providing OAG with enhanced performance when accessing legacy applications and databases. In addition, to ensure that the systems remain operational and operating at their peak performance, iBOLT's business activity monitoring integrate into Tivoli (IBM's System Management tool used by OAG), providing real time information on activity levels.

Regev Yativ, Managing Director of Magic Software EMEA said, "OAG's choice of Magic really illustrates the powerful combination of relevant industry expertise and leading edge technology that we are able to deliver. We're thrilled to be able to combine tactical integration and a strategic solution for OAG."

About Magic Software Enterprises

Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq: FORTY - News), develops, markets and supports software development, deployment and integration technology (http://www.magicsoftware.com/ibolt ) that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries. The Company's EMEA HQ offices are located in the Netherlands, Pelmolen 17 3994XX Houten, 0031-30.6566266. The company's North American subsidiary is located at 23046 Avenida de la Carlota Suite 300 Laguna Hills, CA 92653, telephone (800) 345-6244, (949) 250-1718, fax (949) 250-7404. http://www.magicsoftware.com

http://biz.yahoo.com/prnews/050714/lnth002.html?.v=10

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midastouch017 19 years ago

Formula Telecom Solutions aiming to raise 11m pounds on AIM
10.7.2005 / 09:27
Efrat Neuman

The Formula Systems (TASE: FORT, NASDAQ:FORTY) group company Formula Telecom Solutions, which provides billing and services for telecoms operators, plans to list in London early August at a market value of about £50 million ($87.6 million).

FTS plans to raise £11 million to fund growth from its listing on London's junior AIM share market, while existing shareholders will sell another £11 million of shares, the company said on Wednesday. Stockbroker Seymour Pierce is adviser for the offer.

The company sells to mobile, fixed line and other operators and targets companies with more than 5 million subscribers in developed markets and smaller operators in emerging markets.

FTS is owned by Formula Vision Technologies (TASE: FVT), which is controlled by Formula Systems, one of Israel's largest software companies with revenue of about $450 million last year. Founded in 1997, Herzliya-based FTS made a pretax profit of $5.8 million on turnover of $22.7 million in 2004.

Formula had first announced its intention of floating FTS in London back in April, after abandoning plans to make it the first Israeli floated in Singapore.

The biggest shareholder in FTS is Tel Aviv-listed Formula Vision Technologies (TASE: FVT) (51%). FTS' chief executive Amos Sivan owns 16%, before the offering; he should be making about $3 million from it. After the offering Sivan will be left with $8 million worth of shares.

The Shoshan and Slook families each own 11%. They also own shares in LeadCom Integrated Solutions, which was also floated in London. After the initial public offering on AIM, the Shoshans and Slooks will each be left with $7.5 million worth of FTS stock.

http://tinyurl.com/b668d

Dubi

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midastouch017 19 years ago

Israeli telecoms billing firm plans 50 mln stg IPO
Wed Jul 6, 2005 07:20 AM ET
LONDON, July 6 (Reuters) - An Israeli company that provides billing and services for telecoms operators said it planned to list in London early next month at a market value of about 50 million pounds ($87.6 million).
Formula Telecom Solutions (FTS) plans to raise 11 million pounds to fund growth from its listing on London's junior AIM share market, while existing shareholders will sell another 11 million pounds of shares, the company said on Wednesday.

The company sells to mobile, fixed line and other operators and targets companies with more than 5 million subscribers in developed markets and smaller operators in emerging markets.

FTS is owned by a company controlled by Formula Systems (FORTY.O: Quote, Profile, Research) , one of Israel's largest software companies with revenue of about $450 million last year.

FTS, founded in 1997, is based in Herzliya, Israel. It made a pretax profit of $5.8 million on turnover of $22.7 million in 2004.

Stockbroker Seymour Pierce is adviser for the offer.

http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh19754_2005-07-06_11-20-54_l06...

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midastouch017 19 years ago

Italy's PAC2000A to Implement 'Real Time Enterprise' With Magic's iBOLT
Tuesday July 5, 7:00 am ET

HOUTEN, Netherlands, July 5 /PRNewswire-FirstCall/ -- Magic Software Enterprises (Nasdaq: MGIC - News), a leading provider of state-of-the-art business integration and development technology, announced today that PAC2000A has chosen Magic's iBOLT for an internal integration project. PAC2000A is one of the main retail cooperatives in Italy.
With a yearly revenue of more than 1 Billion euro and more than 2,000 employees, PAC2000A is one of the leading cooperatives of retail chains in Italy, with approximately 1,200 affiliated points of sale. PAC2000A has chosen Magic's iBOLT Integration Suite (www.magicsoftware.com/ibolt) as part of their integration program to better respond to information needs and provide their points of sale network with integrated support.

iBOLT will be used to implement the "Real Time Enterprise" architecture, presenting the enterprise's business situation through the optimization of business processes. PAC2000A will improve integration of its own ERP and existing internal and external applications, most of which were already developed with Magic's eDeveloper.

"It is crucial for us to reduce complexities and cost while working toward our goal of supplying real-time information to our members and internal team," said Mr. Vanni Chioccoloni, PAC2000A EDP manager. "iBOLT will enable us to rapidly and cost-effectively create the kind of federated architecture needed to implement this strategy, while leveraging, rather than replacing, our current IT infrastructures."

"We are very pleased to work with a market leader like PAC2000A who has reaffirmed their strategic decision to use Magic and iBOLT for their EAI and BPM needs," said Regev Yativ, Managing Director of Magic Software European operations. "This deal with PAC2000A is a clear demonstration of iBOLT's ability to attract enterprises seeking integration solutions, an ability that we expect will help to generate many more iBOLT deals in the near future."

About Magic Software Enterprises

Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq: FORTY - News), develops, markets and supports software development, deployment and integration technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries. The Company's EMEA HQ offices are located in the Netherlands, Pelmolen 17 3994XX Houten, 0031-30.6566266. The company's North American subsidiary is located at 23046 Avenida de la Carlota Suite 300 Laguna Hills, CA 92653, telephone (800) 345-6244, (949) 250-1718, fax (949) 250-7404. www.magicsoftware.com

http://biz.yahoo.com/prnews/050705/latu041.html?.v=17

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midastouch017 19 years ago

Formula injects $2m into Sapiens to retain Nasdaq listing

The minimum equity for listing on the main Nasdaq index is $10 million.

Golan Fridenfeld 29 Jun 05 11:31

Formula Systems (Nasdaq: FORTY; TASE: FORT), controlled by chairman Dan Goldstein and the First Israel Mezzanine Investors Fund (FIMI), has decided to inject $2 million into Sapiens International NV (Nasdaq: SPNS; TASE: SPNS). Formula wishes to prevent Sapien’s demotion to the Nasdaq SmallCap Market. Formula will be allocated shares for its investment, increasing its controlling stake in Sapiens to 58%.
Without Formula’s capital injection, Sapiens will be moved from the main Nasdaq list to the SmallCap list. The minimum equity for listing on the main Nasdaq index is $10 million.

”Sapiens has good parents. We decided to prevent demotion of the share to the SmallCap Market. The company has no cash flow shortage,” Goldstein said yesterday. “I believe that the second quarter will be better than the first.”

The capital injection is the second support measure for Sapiens by the Formula controlling shareholders.

Published by Globes [online] - www.globes.co.il - on June 29, 2005

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midastouch017 19 years ago

GigaSpaces Recognized by Sun Microsystems for Extreme Innovation in Java Technology with Duke's Choice Award at JavaOne

29 June 2005, 09:00am ET

Award Winning Enterprise Application Grid (EAG) Advances Java Spaces Service For Developers

BOOTH 415 at JavaOne

SAN FRANCISCO, California, June 29 /PRNewswire/ -- GigaSpaces Technologies Inc., a fast-growing provider of innovative, distributed infrastructure solutions for transaction intensive, business- critical applications, announced that the company's Enterprise Application Grid (EAG) is a winner of the prestigious Sun Microsystems, Inc. Duke's Choice Award. The award was presented by Sun chairman and chief executive officer, Scott McNealy following his keynote address at the JavaOne(TM) Worldwide Developer Conference today. The Duke's Choice Awards are granted to the best and most innovative technology-based applications and services around the world using the Java(TM) platform.

"Every year now at JavaOne, we announce to the world the finalists of the Duke's Choice Awards - the 10 most creative of Java developers," said Java technology creator, James Gosling, vice president, Sun Fellow and CTO of Sun's Java developer products group, Sun Microsystems, Inc. "It's our way of recognizing the most innovative and dedicated Java developers for their exceptional work. But it's also a way of telling those who just now start exploring with Java that there's a world of opportunity out there for them to discover."

Mark Hodapp, director of the Jini technology program at Sun, added, "This award to GigaSpaces is well-deserved, and acknowledges the tireless commitment that GigaSpaces has put into advancing the Jini technology, and especially the JavaSpaces service, for the benefit of developers everywhere. GigaSpaces' contributions in terms of community and market development are equally significant, and are also recognized."

GigaSpaces is showcasing its award-winning Enterprise Application Grid (EAG) at the JavaOne conference this week. The EAG provides high throughput, low-latency transaction processing applications with a Virtual Application Server, which delivers all the necessary distributed application services, such as distributed caching, parallel processing and a messaging bus. These capabilities enable enterprises in the financial, telecom and transportation industries to rapidly develop and deploy distributed applications over low- cost infrastructure.

Yaron Benvenisti, GigaSpaces CEO, commented, "We are very pleased to receive this high honor and acknowledgement of our technological achievements by Sun Microsystems. GigaSpaces strives to provide our customers with advanced technology solutions that address their most pressing needs. The Duke's Choice Award is validation by a highly respected industry leader that our customers are indeed investing in a solution with an outstanding level of technological excellence."

About GigaSpaces

GigaSpaces is a fast-growing provider of innovative grid-based solutions that solve the performance, reliability and scalability problems of transaction-intensive, business critical applications. Among the company's customers are AIG, Nortel Networks, FXAll and Hutchison 3G, as well as other world-leading organizations in the financial, telecom and transportation industries. GigaSpaces was founded in 2000 and has offices in New York, London and Israel. It is part of the Formula Group (NASDAQ:FORTY), Israel's largest publicly held IT company. For more information, please visit http://www.gigaspaces.com .

Sun, Sun Microsystems, Java, and JavaOne are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries. All other trademarks and registered trademarks mentioned herein are the property of their respective owners.

http://finance.lycos.com/qc/news/story.aspx?story=50156389&symbols=NASDAQ:FORTY

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midastouch017 19 years ago

GigaSpaces Announces Version 5.0 of its EAG, Delivering a Full Virtual Application Server Solution

27 June 2005, 11:22am ET

New Release Enables Rapid Development and Deployment Over Low-Cost Infrastructure of High Throughput, Low Latency Transaction Processing Applications

SAN FRANCISCO, California - BOOTH 415 at JavaOne, June 27 /PRNewswire/ -- GigaSpaces Technologies Inc., a fast-growing provider of innovative, distributed infrastructure solutions for transaction intensive, business-critical applications, announced today at JavaOne 2005 the latest release of its Enterprise Application Grid (EAG). This new release provides high throughput, low latency applications with a Virtual Application Server, which delivers all the necessary distributed application services, such as distributed caching, parallel processing and a messaging bus. These capabilities enable enterprises in the financial, telecom and transportation industries to rapidly develop and deploy distributed applications over low-cost infrastructure.

Version 5.0 includes a dynamic service provisioning and monitoring framework, which enables applications to run over a dynamic pool of low-cost commodity hardware based on specific Service-Level Agreement (SLA) requirements. This approach improves upon the manual process of developing, deploying and managing distributed applications, replacing it with an automated service deployment, monitoring and management system.

The introduction of these new capabilities, combined with additional new features and enhancements to GigaSpaces' EAG, provides an unparalleled solution that delivers breakthrough performance, built-in fault-tolerance and dynamic scaling-out of applications together with all their underlying middleware components.

"The company has been getting attention from users and major vendors because of its data management capabilities," said William Fellows, Principal Analyst with The 451 Group, a technology industry analyst company focused on the business of enterprise IT innovation. Fellows continued, "Development models and data management are high up the grid industry's agenda right now as it seeks to move into a more commercial application phase." This comment appeared in an independent report, titled "GigaSpaces Readies Development Model As Part of Next-generation Grid Middleware," which was published on May 24 of this year (see Editor's Note below).

To take advantage of the market opportunity and drive the new technology activity forward, GigaSpaces has hired Dennis Reedy as VP of Advanced Technology. Reedy was formerly in charge of Sun's Project Rio, an open-source implementation of a Service Automation platform. He has vast experience in building and managing large-scale distributed systems.

"With this new release and with the addition of Dennis to our team, we believe GigaSpaces is taking a significant step towards fulfilling the vision of the next-generation of application-server technology," said GigaSpaces CEO Yaron Benvenisti. "We believe GigaSpaces offers the most advanced solution for organizations to scale-out their most demanding, mission-critical systems, and reap the benefits of unparalleled performance, scalability and fault-tolerance at a fraction of the cost."

GigaSpaces is demonstrating the next version of EAG at JavaOne in San Francisco (June 27-30), in Booth 415. GigaSpaces will showcase how a number of Fortune 500 companies, including one of the world's leading stock exchanges, several prominent investment banks, and a noted commodities exchange, are already benefiting from GigaSpaces technology.

About GigaSpaces

GigaSpaces is a fast-growing provider of innovative grid-based solutions that solve the performance, reliability & scalability problems of transaction-intensive, business critical applications. Among the company's customers are AIG, Nortel Networks, FXAll and Hutchison 3G, as well as other world-leading organizations in the financial, telecom and transportation industries. GigaSpaces was founded in 2000 and has offices in New York, London and Israel. It is part of the Formula Group (NASDAQ:FORTY), Israel's largest publicly held IT company. For more information, please visit http://www.gigaspaces.com .

Editor's Note: The 451 Group's report, "GigaSpaces Readies Development Model As Part of Next-generation Grid Middleware," referenced above, is an independently-produced report that was neither sponsored by nor otherwise funded directly by GigaSpaces. The report and its entire contents are the sole property of The 451 Group, copyright 2005, and are reproduced here by permission. The entire contents of this report are available at www.the451group.com .

All trademarks and registered trademarks mentioned herein are the property of their respective owners.

http://finance.lycos.com/qc/news/story.aspx?story=50102803&symbols=NASDAQ:FORTY

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midastouch017 19 years ago

Magic Software Announces Appointment of New Vice President of Marketing and Corporate Strategy
Thursday June 30, 7:00 am ET

OR YEHUDA, Israel, June 30 /PRNewswire-FirstCall/ -- Magic Software Enterprises (Nasdaq: MGIC - News), a leading provider of state-of-the-art business integration and development technology, announced today the appointment of Avigdor Luttinger as the Company's Vice President of Marketing and Corporate Strategy, effective immediately. Luttinger is replacing Gil Trotino, who is leaving the company to pursue other opportunities.
One of the originators of Magic, Avigdor Luttinger headed Software Development at Mashov Computers during the initial creation of Magic in 1984 prior to spinning it off, and then relocated to Geneva in 1985 to launch its international distribution. Subsequently, Avigdor left Mashov and worked, amongst others, as a Consultant with Enterprise Software vendors including iXOS, Open Market, Vignette and webMethods. Avigdor rejoined Magic in 2002 as the Head of the iBOLT Program, driving the definition, launch and initial successes of iBOLT. In addition to this role, Luttinger has for the last year lead Magic's Business Development efforts worldwide.

"Avigdor's contributions in directing iBOLT and his successes in Business Development with key strategic alliances such as SAP, prove his expertise and strategic ability to lead the Company's worldwide marketing operations," said Menachem Hasfari, CEO of Magic Software. "The management believes that Avigdor will be able to guide the companies marketing and strategic direction at this critical juncture and will successfully lead the efforts to insure iBOLT's placement as a leader in the integration field."

Luttinger holds an MBA from INSEAD in France and a Masters degree in Computer Sciences from the University of Lyon.

About Magic Software Enterprises

Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq: FORTY - News), develops, markets and supports software development, deployment and integration technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries. The Company's EMEA HQ offices are located in the Netherlands, Pelmolen 17 3994XX Houten, 0031-30.6566266. The company's North American subsidiary is located at 17310 Redhill Avenue #270, Irvine, CA 92614-5637, telephone 800-345-6244, +1-949-250-1718, fax +1-949-250-7404. http://www.magicsoftware.com.

http://biz.yahoo.com/prnews/050630/lnth003.html?.v=10

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Formula Systems Reports Financial Results for the Third Quarter and First Nine Months Period Ended September 30, 2024

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Formula Systems Reports Second Quarter and First Half 2024 Financial Results

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Publication of Draft Agreement with Trustee for Potential New Israeli Debenture Series

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Formula Systems Reports First Quarter 2024 Financial Results

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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FORTY News

Formula Systems Reports Financial Results for the Third Quarter and First Nine Months Period Ended September 30, 2024

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Formula Systems Reports Second Quarter and First Half 2024 Financial Results

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Publication of Draft Agreement with Trustee for Potential New Israeli Debenture Series

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Formula Systems Reports First Quarter 2024 Financial Results

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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